Rating agencies' scores have lost their luster, what happened? – DBRS unchanged on 4/9 for Greece

What happened?

First, let us examine what rating agencies Standard & Poor's, Fitch, Moody's, DBRS, and Scope evaluate, and how their ratings impact bonds and stock markets, as well as with what weight.

Why rating agencies' scores lost their luster

Rating agencies evaluate economic performance, debt, GDP, deficits or surpluses, and international parameters affecting the economy. However, the primary issue began when central banks—and specifically the ECB—intervened in markets through quantitative easing or quantitative tightening, completely altering, for instance, the correlation between bond yields and each country's rating. Recent experience demonstrated that a country's actual grade ultimately matters very little, given that differences are negligible. To provide an example, Germany with AAA yields 3.36% on its 10-year bond, Greece with BBB yields 4.03%, and Italy with a BBB+ rating yields 4.18%.

No impact on the stock market either

In the Greek stock market, since Greece holds an investment grade credit rating and given that the Greek stock market is slated for upgrade to a mature market—a development already underway—ratings from Standard & Poor's, Fitch, Moody's, DBRS, and Scope have lost their weight and value.

International geopolitical risk also factor in

With Brent crude at $96 per barrel, many economic assumptions could be upended, meaning rating agencies will not rush their assessments.

What to expect

DBRS September 4, 2026 evaluates Greece at BBB with stable outlook – The rating will not change; even if prospects change, it carries little significance.

Moody's September 18, 2026 evaluates Greece at Baa3 with a stable outlook.

Scope September 18, 2026 evaluates Greece at BBB with a positive outlook.

Standard & Poor's October 23, 2026 evaluates Greece at BBB with a stable outlook.

Fitch November 6, 2026 evaluates Greece at BBB with a stable outlook.

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